MN PROPERTY & CASUALTY INSURANCE EXAM 2025/2026
QUESTIONS WITH SOLUTION GRADED A+
✔✔For an earthquake how many hours and how many deductibles - ✔✔168 hours and
only 1 deductible
✔✔How many years is a license period - ✔✔2 years
✔✔a temporary insurance producer license may be issued for up to ___ days - ✔✔180
days
✔✔a licensee's time to notify the commissioner of address change is __ days - ✔✔10
days
✔✔a license is suspended for any period no less than - ✔✔3 months
✔✔how many years can you reapply for a license when your license had been
revoked? - ✔✔2 years
✔✔when you license is revoked what must you obtain? - ✔✔a performance bond of
$20,000
✔✔the insurer must file a notice of appointment within __ days of the first sale by the
producer - ✔✔15 days
✔✔an insurance company that terminates an appointment must notify the commissioner
within ____ days - ✔✔30
✔✔How many days does the insurance company get to send a written notice to the
commissioner about termination to the producer? - ✔✔15 days
✔✔After getting the notice of termination, how many days can the producer file written
comments concerning the termination with the commissioner? - ✔✔30 days
✔✔How much is the penalty for failing to appoint a producer? and up to? - ✔✔$25 up to
$300
✔✔the producer must notify the commissioner of any administrative action take or
criminal prosecution against the producer within ___ days - ✔✔30 days
✔✔when is the property value determined? - Inland Marine - ✔✔at the time of loss
, ✔✔the producer must notify the commissioner within ___ days of any felony or gross
misdemeanor conviction, guilty plea, or plea of no contest - ✔✔10 days
✔✔a lapsed licensee can reinstate license within ___ months - ✔✔12 months
✔✔the penalty for rebating is $___ to $___ per violation - ✔✔$60 - $200
✔✔a promotional advertising item or gift of $___ or less per year is not a rebate -
✔✔$25
✔✔How many days does an insurer have to reply to customer claims and inquries? -
✔✔10 days
✔✔Policies must be delivered to the insured within __ working days of the producer's
receipt from the insurer - ✔✔30 days
✔✔financial and complain records must be kept on file for ___ years - ✔✔6
✔✔premium refunds must be sent to the insured within ___ days of the producers
receipt from the insurer - ✔✔5 days
✔✔Policy forms, applications, and advertising must be retained for __ years after the
effective date - ✔✔3 years
✔✔claim records must be retained for ___ years after the claim is paid or denied - ✔✔3
years
✔✔complaint records must be retained for ___ years after the date received - ✔✔4
years
✔✔unearned premium refund to be issued within ___ days - ✔✔30 days
✔✔Domestic shipments can only be covered by - ✔✔truck, train, air or mail
✔✔Annual Transit Policy - ✔✔covers all shipments during the year
✔✔Trip transit - ✔✔Covers a single shipment-one time, one way
✔✔Motor truck cargo - ✔✔truckers form covers the insureds bailee responsibility
(carrying someone elsed stuff)
✔✔oral binders must be put in writing to the insured within ___ business days - ✔✔5
QUESTIONS WITH SOLUTION GRADED A+
✔✔For an earthquake how many hours and how many deductibles - ✔✔168 hours and
only 1 deductible
✔✔How many years is a license period - ✔✔2 years
✔✔a temporary insurance producer license may be issued for up to ___ days - ✔✔180
days
✔✔a licensee's time to notify the commissioner of address change is __ days - ✔✔10
days
✔✔a license is suspended for any period no less than - ✔✔3 months
✔✔how many years can you reapply for a license when your license had been
revoked? - ✔✔2 years
✔✔when you license is revoked what must you obtain? - ✔✔a performance bond of
$20,000
✔✔the insurer must file a notice of appointment within __ days of the first sale by the
producer - ✔✔15 days
✔✔an insurance company that terminates an appointment must notify the commissioner
within ____ days - ✔✔30
✔✔How many days does the insurance company get to send a written notice to the
commissioner about termination to the producer? - ✔✔15 days
✔✔After getting the notice of termination, how many days can the producer file written
comments concerning the termination with the commissioner? - ✔✔30 days
✔✔How much is the penalty for failing to appoint a producer? and up to? - ✔✔$25 up to
$300
✔✔the producer must notify the commissioner of any administrative action take or
criminal prosecution against the producer within ___ days - ✔✔30 days
✔✔when is the property value determined? - Inland Marine - ✔✔at the time of loss
, ✔✔the producer must notify the commissioner within ___ days of any felony or gross
misdemeanor conviction, guilty plea, or plea of no contest - ✔✔10 days
✔✔a lapsed licensee can reinstate license within ___ months - ✔✔12 months
✔✔the penalty for rebating is $___ to $___ per violation - ✔✔$60 - $200
✔✔a promotional advertising item or gift of $___ or less per year is not a rebate -
✔✔$25
✔✔How many days does an insurer have to reply to customer claims and inquries? -
✔✔10 days
✔✔Policies must be delivered to the insured within __ working days of the producer's
receipt from the insurer - ✔✔30 days
✔✔financial and complain records must be kept on file for ___ years - ✔✔6
✔✔premium refunds must be sent to the insured within ___ days of the producers
receipt from the insurer - ✔✔5 days
✔✔Policy forms, applications, and advertising must be retained for __ years after the
effective date - ✔✔3 years
✔✔claim records must be retained for ___ years after the claim is paid or denied - ✔✔3
years
✔✔complaint records must be retained for ___ years after the date received - ✔✔4
years
✔✔unearned premium refund to be issued within ___ days - ✔✔30 days
✔✔Domestic shipments can only be covered by - ✔✔truck, train, air or mail
✔✔Annual Transit Policy - ✔✔covers all shipments during the year
✔✔Trip transit - ✔✔Covers a single shipment-one time, one way
✔✔Motor truck cargo - ✔✔truckers form covers the insureds bailee responsibility
(carrying someone elsed stuff)
✔✔oral binders must be put in writing to the insured within ___ business days - ✔✔5
